Specialist insurance provider CFC has launched a new cyber insurance product, Cyber Proactive Response (CPR), aimed at businesses with revenues up to £250 million. According to a news release, the policy introduces two “world’s first” coverage elements, 30 coverage enhancements, and removes six exclusions.
CFC said it has developed CPR to shift from the industry’s traditional reactive approach towards proactive protection. The policy aims to ensure unlimited reinstatements at zero excess and offers an alternative option where policyholders pay only one deductible, regardless of the number of cyber incidents within the policy term.
“It’s been the norm for cyber insurers to cap what they will pay by aggregating the limit available under the policy while uncapping what an insured might have to pay, by making the deductible applicable to every single claim,” said James Burns, CFC’s global head of cyber. “But in a world where it’s increasingly possible to suffer a cyber event multiple times throughout the life of a policy, we want to reverse that dynamic and remove the burden for insureds by capping the amount they will have to pay.”
A key feature of CPR is the contractual inclusion of proactive cyber-attack prevention services within the policy wording. CFC said it included these services in 2016 and has now made them a guaranteed element of the policy.
“While including brand new elements of cover to now offer what we think is the broadest, most accessible cyber insurance policy available in the global market today, we recognise that fewer exclusions in a policy is equally important,” Burns added. “We want our clients to have complete confidence that we will be there for them at that critical moment when an incident strikes.”
Among the 30 coverage enhancements included in CPR are interim payments for business interruption, coverage for income loss from lost or missed bids, and affirmative coverage for AI-related events. The policy also includes theft of physical goods and invoice manipulation, full system failure coverage, emergency continuity costs, and contingent bodily injury coverage.
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